None of like to pay for more for our insurance than we have to. So how can you make savings on the cost of your motor insurance?
Some of the ways of reducing the cost of your motor insurance policy are probably well known and well documented – by the Association of British Insurers (ABI), for instance, which publishes a whole guide on the subject and mentions some options including:
- shopping around – although you are unlikely to choose your insurance on the criteria of price alone, shopping around may help you identify opportunities representing good value for money. At GSI Insurance we can do the shopping around on your behalf, saving you time and effort;
- driving a lower powered car, in a lower insurance category – the lower the likely cost of repairing your car in the event of a claim and the more readily available any parts, the more inclined your insurer is likely to be in offering cheaper premiums;
- reducing your annual mileage – a lower annual mileage also means that you are spending less time driving on the roads and – therefore reckons your insurer – the less chance you have of an accident and any subsequent claim on the policy for the repair of the damage;
- building up your no claims discount – there is little way around the wait for each year’s incremental increase, but your no claims discount might eventually represent a saving of 60% on premiums;
- paying your premium in a single sum annually instead of each month – insurers typically like to receive their money up front and if this how you choose to pay, it is likely to be cheaper than paying monthly by direct debit, which often attracts an fee; and
- agreeing to a higher excess – sharing the risk by increasing the excess you pay is a classic way of reducing the premiums you pay on the remaining cover picked up by your insurer.
Finally, check out some more money saving motor insurance tips here.